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October 5, 2022
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Dogecoin X Shiba Inu: who wins as a form of payment?

Yesterday a restaurant in Paris seems to have decided to accept Shiba Inu (SHIB) as a method of payment.

CoinMarketCap reports that referring to a video shared on Facebook in which two “We accept SHIBA INU here” stickers were displayed in the window of Le Bistrot d’Eleonore et Maxence”.

In reality, this is not particularly relevant news, as there are tens of thousands of restaurants in Paris, and one example makes no difference.

The price of Shiba Inu (SHIB)

However, it appears that this news was enough to take the price of the SHIB even higher, so as to make it touch a new all-time high (ATH) today at 0.058 thousandths of a dollar.

As a matter of fact, the price of SHIB has been increasing since last Saturday, so much so that in the last week almost doubled.

The value has risen 660% in the past 30 days, taking the token to 11th position overall by market capitalization, behind Dogecoin.

Dogecoin and Shiba Inu as means of payment

The use of SHIB tokens as a means of direct payment is not widespread.. In other words, the Trades that accept it are still rare exceptions, and they are often motivated above all by advertising, given the great impact on Shiba Inu in the cryptocurrency sector these days.

Dogecoin is also rarely accepted. as a direct payment method, but its diffusion is still much wider than that of Shiba Inu.

To date, it is not possible to state that DOGE or SHIB are actually usable as a means of payment, with few exceptions, which are even rarer with regard to SHIB.

Bitcoin remains firmly at the top of the ranking of the most accepted cryptocurrencies in the world as a means of payment, thanks mainly to the legal tender in El Salvador, followed by Ethereum.

Payment in cryptocurrencies with credit cards

The point in question. It is now possible to easily use multiple cryptocurrencies around the world to make payments, thanks to Visa or Mastercard cards that can be inserted into the cryptocurrency.

Of course, using a card that converts cryptocurrencies into fiduciaries before you can spend them is something else than spending them directly by sending them to the seller’s wallet, but the difference between the volumes of payments made with these cards and those made directly, without intermediaries or conversions, it is still such that only Bitcoin can be considered really usable, as a daily payment method, and only in El Salvador.

The strong and rapid price movements of cryptocurrencies like Shiba Inu or Dogecoin not only make them not a particularly interesting payment method, but also highlight how they are still speculative assets, whose main purpose is to allow someone to trade them in the hope of winning some money.

This is a common feature of many cryptocurrencies and many tokens, so not just Shiba Inu or Dogecoin, but if it makes sense for those cryptocurrencies that aren’t intended to be transactional currencies, it makes those who would like to lose credibility instead.

Even with more established crypts such as Ethereum, it is not easy to find someone who will accept them as direct payment, but given the existence of fiduciary cards that can be inserted into cryptocurrencies.

The main difference in this regard is being made by Bitcoin in El Salvador thanks to the legal tender currency, which makes it acceptable as a means of payment for those who have the possibility to withdraw it.

Source: cryptonomist

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